QUEBEC CITY, QUEBEC -- (Marketwired) -- Komet Resources inc. ("Komet" or the "Company") (TSX VENTURE: KMT) is very pleased to announce that it has obtained the final approval of the TSX Venture Exchange (the "Exchange") for the acquisition of the Guiro gold mine announced on May 28 and June 10, 2014.
TSX Venture Exchange has accepted for filing the documentation relating the acquisition of all the assets of Stremco SA (the "Vendor") including a 100% interest in a gold mine located in Guiro and Diouga in Burkina Faso in exchange for $600,000 cash, assumed liabilities of a maximum of 1,220,012,900 CFA francs (approximately $CAN 2,800,000) and the issuance of 3,000,000 common shares of the Company. The Vendor will retain a gross royalty of 2% of gold sales made above the amount of $1,300 per ounce up to a maximum amount of $CAN 2,000,000.
Andre Gagne, President and CEO, is presently in Ouagadougou to finalize the permit and loan transfer to the Corporation. During a meeting with the business Director of Societe Generale du Burkina Faso, the loan transfer was approved by the bank according to the terms already agreed upon in previous negotiations. Mr. Gagne declares: "The news that the Canadian Exchange Authorities have accepted the transaction has reassured all stakeholders in Burkina Faso. I am very much aware that the arrival of Komet as a new player in the regional mining industry is going to be scrutinized by the government, the business community and the local population. We have the obligation to meet the highest expectations and more."
For further information please refer to the Company's press release dated May 28, 2014 and June 10, 2014. Documentations filed to the Exchange will be available today on the Company's website, including: the due diligence, the Qualified Person's technical report, the legal notice and the IFRS audit.
More information about the corporation is available at: www.kometgold.com
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.'s ("Komet") control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet's management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.
Outstanding shares: 40,255,047